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Business News Sat, 30 Apr 2022

Consumers urged to take advantage of digital payment platforms

E-Levy to commence from May 1

The future of payment is through digital means

We are collaborating with all parties to ensure we comply with the law – Phillip Owiredu on E-Levy


Phillip Owiredu, Managing Director of indigenous firm, CalBank has underscored the importance of consumers taking advantage of virtual or electronic platforms to make payment transactions for goods and services.

According to him, the future of payments, is now through digital means and therefore called on consumers to brace themselves for the innovation.

Speaking with journalists in Accra during an event in collaboration with the Accra Goods Market, the CalBank Managing Director said, “Marketing of goods, buying, selling and making payments are literally now done through virtual means, although we still go out there to shop sometimes, we also have to the opportunity to do so virtually”

“As a bank we’re seeking to get closer to our merchants and bring consumers on board to know the products and services offered and engage with customers more,” he added.

Touching on the electronic transfer levy which is set to take effect from May 1, 2022, Phillip Owiredu said his outfit is prepared to implement the tax measure which he believes is of national interest.

“The E-Levy is national programme led by the Ministry of Finance and other agencies and we have engaged with the authorities in terms how we would commence and comply with the law and implementation of the initiative from tomorrow [May 1, 2022]”

“In terms of preparedness, we have discussed what has been agreed with government and the implementing authorities. We all know there are various parameters for how this levy will be charged so in accordance with what the law has set, we’re collaborating with all parties to ensure we comply with the law”

Meanwhile, the Electronic Transfer Levy is expected to take effect from Sunday May 1, 2022. The revenue arm of government, Ghana Revenue Authority has insisted on its readiness to implement the tax policy despite some concerns raised about the tax policy.

The Authority has also announced its decision to commence the operationalization of the E-Levy in a modified-phased approach.

The development comes after an assessment was carried out by the Authority to test the general readiness of some charging entities to integrate themselves with the E-Levy management system.

It is however expected that this new development will impact on the Authority's plan to fully implement the E-Levy from May 1, 2022.

Ghanaians and all users of electronic payment platforms will from Sunday, May 1, start paying a 1.50 percent charge on transactions exceeding a cumulative amount of GH¢100 a day.

The charges will cover Mobile Money (MoMo) payments, bank transfers, merchant payments, and inward remittances at the time of transfer.



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Source: www.ghanaweb.com
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